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Australia boasts a triple-A rating from all three major credit rating agencies. It is one of only eight countries in the world to hold such status.

But Mr Howard pointed out it was former Liberal treasurer Peter Costello who helped Australia restore a triple-A standing.

"A triple-A was not something that came about when Kevin Rudd became prime minister," Mr Howard said.

"What he is saying is we still have a triple-A rating, and I say, despite him."

Mr Howard's government introduced the GST in 2000, an impost which many believe now should be broadened and its rate increased from 10 per cent.

Mr Howard said tax reform was something that needs to be revisited.

"If the Labor party and the Democrats had not punched a hole in the GST that the Australian people voted for in 1998, the financial position of the states that get all of the GST revenue now would be much better than it is," he said.